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Is EMU a viable model for monetary integration in the Arabian Gulf?

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  • Emilie Rutledge

Abstract

The Gulf Cooperation Council (GCC) intends to form a monetary union using the EMU process as a blueprint, including a set of Maastricht‐style convergence criteria. Yet, as the 2010 deadline approaches, few of the necessary institutional preparations have been made. This paper argues that while GCC leaders considered the economic case (on the whole beneficial) they neglected to fully consider the political implications of monetary union. It concludes that devolving decision‐making powers to pan‐GCC institutions, the need for greater levels of budgetary transparency and fiscal discipline may presently be considered too costly for the region’s ruling elites.

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  • Emilie Rutledge, 2008. "Is EMU a viable model for monetary integration in the Arabian Gulf?," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 11(2), pages 123-134.
    • Handle: RePEc:taf:jecprf:v:11:y:2008:i:2:p:123-134
    DOI: 10.1080/17487870802213878
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    References listed on IDEAS

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    1. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
    2. Mr. Russell C Krueger & Ettore Kovarich, 2006. "Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union," IMF Working Papers 2006/141, International Monetary Fund.
    3. Sturm, Michael & Siegfried, Nikolaus, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
    4. Dorrucci, Ettore & Fratzscher, Marcel & Mongelli, Francesco Paolo & Firpo, Stefano, 2002. "European integration: what lessons for other regions? The case of Latin America," Working Paper Series 185, European Central Bank.
    5. Belkacem Laabas and Imed Limam, "undated". "Are GCC Countries Ready for Currency Union?," API-Working Paper Series 0203, Arab Planning Institute - Kuwait, Information Center.
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